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> CFPB may no longer be considering new protections, because Zelle's recent changes "have so far satisfied the agency." At least codify what the banks agreed t
by eclipticplane 3y ago
> CFPB may no longer be considering new protections, because Zelle's recent changes "have so far satisfied the agency."
At least codify what the banks agreed to implement -- otherwise they will just go back on this when it costs them too much money and they think no one is looking.
- lxgr 3y agoAs described in the article, this might just cost them nothing: > Zelle simply "implemented a mechanism that allows banks to claw back funds from the recipient's account and return them to the sender." I highly doubt that that's true, though. For one thing, this would trivially fail in case the recipient account has already cashed out the funds.
- FireBeyond 3y ago> I highly doubt that that's true, though. For one thing, this would trivially fail in case the recipient account has already cashed out the funds. Being banks (not that you can't otherwise, but still) it's also entirely possible for them to overdraw your account to do so. And then if you don't care about that, close your account and report it to Chex Systems, which will make opening any bank or CU account quite difficult.
- lxgr 3y agoI don't know the details of Zelle scams, but my guess would be that the payee accounts usually aren't under the control of people that care about keeping them open in the long term (i.e. have either been taken over by fraudsters or have been opened fraudulently).